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FINANCIAL AID BASICS

FINANCIAL AID BASICS. Eligibility criteria Sources of financial aid Types of financial aid What to look out for. FINANCIAL AID ELIGIBILITY. Need-based Incorporates income, assets, household size, number of children in college, other unusual expenses Merit-based

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FINANCIAL AID BASICS

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  1. FINANCIAL AID BASICS • Eligibility criteria • Sources of financial aid • Types of financial aid • What to look out for

  2. FINANCIAL AID ELIGIBILITY • Need-based • Incorporates income, assets, household size, number of children in college, other unusual expenses • Merit-based • Looks at achievement – academic, athletic, artistic, leadership, activities, etc…your “brag sheet”

  3. FINANCIAL AID SOURCES • Federal government • State government • College’s own funds • Private sources

  4. TYPES OF FINANCIAL AID • Grants and Scholarships • Student and Parent Loans • Employment

  5. APPLICATION PROCESS • PIN number – www.pin.ed.gov • Free Application for Federal Student Aid (FAFSA) – www.fafsa.ed.gov • CSS PROFILE form – www.collegeboard.com • Institutional applications • Private scholarship applications • Loan applications • Verification

  6. WHAT YOU RECEIVE • FAFSA acknowledgement • Student Aid Report – FAFSA output document • Student Eligibility Notice – for NJ state programs only • Award Letters from colleges

  7. READING THE AWARD LETTER • Details of each award, including the dollar amount • Terms of the awards • Information about the school’s costs • Understand what’s a loan and what’s a grant or scholarship • Loans are always optional – require an extra step or two • Anything unclear? Call and ask!

  8. SELECTING A LENDER • Do your own research and seek guidance from the FA Office - remember that there are 1000’s of lenders • Rates and terms for Federal loans don’t vary significantly, but do for private loans • “Up front” benefits are better than “back end” benefits • Stick with familiar lenders, but learn their lending policies

  9. ACTION ITEMS • Sign and return documents as required • Compare aid package to school’s costs (tuition, fees, room and board, books and supplies, travel expenses, etc.) • Communicate with FA Office about unusual circumstances • Identify the gap between costs and aid, then devise a plan to cover that expense

  10. ERRORS TO AVOID • Not filing – give yourself a chance! • Missing signatures – the online version uses e-signatures (SSN plus a PIN) • Inaccurate data – try to complete at least a draft tax return to refer to when completing the FAFSA • Missed deadlines • Don’t Pay Money! The FAFSA is Free! • Don’t borrow a loan until you’ve investigated all other possibilities

  11. FINANCIAL AID MYTHS • Financial Aid is negotiable or there are ways to “beat the system” • No loans left • Similar “sticker prices” mean similar costs to family • It pays to spend money for scholarship searches • Kids can work their way through college • Remember, if it’s too good to be true…

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